Tuesday, February 9, 2010

Secret summit of top bankers

This posting is late, but the importance of the event has not diminished. As reported by George Lekakis and Fleur Leyden on February 6, 2010:
THE world's top central bankers began arriving in Australia yesterday as renewed fears about the strength of the global economic recovery gripped world share markets.

Representatives from 24 central banks and monetary authorities including the US Federal Reserve and European Central Bank landed in Sydney to meet tomorrow at a secret location, the Herald Sun reports.

Organised by the Bank for International Settlements last year, the two-day talks are shrouded in secrecy with high-level security believed to have been invoked by law enforcement agencies. . . .

The arrival of the high-powered gathering coincided with a fresh meltdown on world sharemarkets, sparked by renewed concerns about global growth and sovereign debt.
A commentator named Temjin had this astute comment:
MOST of the bad debt has NOT been written off yet. They have only been carried off to an off-balance sheet. If all these bad debts were marked to market, you can be sure the global financial system would be technically insolvent. I support the "shut down the RBA" movement going on in Sydney right now. The central bankers are nothing but master money manipulators who steal wealth from the public. (and no, it's not a conspiracy theory, action speaks louder than words and there have been lots of actions lately)
Is this a sign that Ron Paul's movement to end the Fed is catching on globally? Another reader, Glen, had this to say:
The problems that caused this disaster in the first place never went away. They were only masked by massive government bailouts and changes to accounting standards that favoured masking the value of these toxic assets. What passes as analysis in Australia and globally for that matter is nothing more than a bunch of cheer squads applauding dodgy figures and while turning a blind eye to the realities of the situation. A truly appalling situation that was totally avoidable.

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